Can I retire at age 62 with 984,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $984,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$81,258$80,534$79,828$79,139$78,466$77,906
2 years$40,227$39,477$38,751$38,047$37,365$36,800
3 years$26,551$25,799$25,075$24,377$23,706$23,154
4 years$19,715$18,965$18,248$17,562$16,907$16,372
5 years$15,614$14,869$14,161$13,490$12,852$12,336
6 years$12,881$12,141$11,444$10,788$10,170$9,673
7 years$10,930$10,196$9,510$8,869$8,271$7,793
8 years$9,467$8,740$8,065$7,440$6,861$6,404
9 years$8,330$7,610$6,947$6,337$5,778$5,340
10 years$7,421$6,708$6,056$5,463$4,923$4,504
11 years$6,678$5,972$5,332$4,754$4,234$3,834
12 years$6,059$5,360$4,732$4,170$3,669$3,288
13 years$5,535$4,844$4,228$3,682$3,200$2,836
14 years$5,087$4,403$3,799$3,268$2,805$2,459
15 years$4,699$4,022$3,430$2,915$2,470$2,141
16 years$4,359$3,690$3,109$2,610$2,183$1,871
17 years$4,060$3,398$2,829$2,345$1,935$1,639
18 years$3,795$3,140$2,583$2,113$1,721$1,441
19 years$3,558$2,910$2,365$1,909$1,534$1,269
20 years$3,344$2,704$2,170$1,729$1,370$1,119
21 years$3,152$2,519$1,996$1,569$1,226$989
22 years$2,977$2,351$1,840$1,427$1,099$876
23 years$2,817$2,199$1,699$1,300$986$776
24 years$2,671$2,061$1,571$1,185$887$689
25 years$2,537$1,934$1,455$1,083$798$612
26 years$2,413$1,817$1,349$990$719$544
27 years$2,299$1,710$1,253$906$648$484
28 years$2,193$1,612$1,165$830$585$431
29 years$2,095$1,520$1,084$761$528$384
30 years$2,003$1,436$1,010$699$477$342
31 years$1,917$1,357$941$642$431$305
32 years$1,837$1,284$878$590$390$272
33 years$1,762$1,216$820$542$353$243
34 years$1,692$1,153$766$499$320$217
35 years$1,625$1,093$716$459$290$194
36 years$1,563$1,038$670$423$262$173
37 years$1,504$986$627$390$238$155
38 years$1,448$937$587$359$216$138
39 years$1,395$891$550$331$195$123
40 years$1,345$847$516$305$177$110
41 years$1,298$807$484$282$161$99
42 years$1,253$768$454$260$146$88
43 years$1,210$732$426$240$132$79
44 years$1,169$698$400$222$120$71
45 years$1,130$665$375$205$109$63
46 years$1,093$635$352$189$99$56
47 years$1,058$606$331$175$90$51
48 years$1,024$578$311$161$82$45
49 years$992$552$292$149$74$40
50 years$961$528$275$138$67$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $984,000, adding $2,736 every year, while hoping to spend $41,921 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 38/32/30 Blend
61$984,000$984,000$984,000$984,000
62$1,087,190$1,035,038$1,019,786$1,118,716
63$1,153,480$1,041,151$1,009,345$1,148,349
64$1,225,126$1,046,159$997,150$1,176,342
65$1,302,631$1,049,963$983,096$1,205,811
66$1,386,547$1,052,458$967,077$1,236,919
67$1,477,480$1,053,534$948,980$1,269,847
68$1,576,097$1,053,072$928,685$1,304,799
69$1,683,133$1,050,946$906,070$1,342,002
70$1,799,394$1,047,024$881,005$1,381,709
71$1,925,768$1,041,164$853,354$1,424,202
72$2,063,232$1,033,216$822,977$1,469,795
73$2,212,859$1,023,022$789,724$1,518,841
74$2,375,833$1,010,412$753,442$1,571,729
75$2,553,453$995,207$713,968$1,628,894
76$2,747,152$977,220$671,133$1,690,820
77$2,958,506$956,248$624,760$1,758,045
78$3,189,249$932,079$574,665$1,831,166
79$3,441,291$904,489$520,654$1,910,848
80$3,716,733$873,240$462,527$1,997,828
81$4,017,890$838,079$400,071$2,092,927
82$4,347,309$798,739$333,068$2,197,053
83$4,707,796$754,939$261,288$2,311,216
84$5,102,441$706,380$184,490$2,436,534
85$5,534,644$652,747$102,425$2,574,250
86$6,008,153$593,706$14,831$2,725,738
87$6,527,091$528,905$0$2,892,524
88$7,096,004$457,971$0$3,101,472
89$7,719,896$380,511$0$3,335,982
90$8,404,277$296,108$0$3,593,468
91$9,155,220$204,323$0$3,876,325
92$9,979,410$104,693$0$4,187,197
93$10,884,214$0$0$4,529,003
94$11,877,745$0$0$4,906,118
95$12,968,942$0$0$5,360,932
96$14,167,650$0$0$5,860,699
97$15,484,717$0$0$6,409,962
98$16,932,091$0$0$7,013,720
99$18,522,938$0$0$7,677,485
100$20,271,760$0$0$8,407,327